Early Settlement

Paying off a loan before the agreed term ends. Under the National Credit Act, you have the right to settle any credit agreement early. The lender may charge an early settlement fee of up to three months' interest.

Usage Examples

"I requested an early settlement quote and saved R12,000 in interest by paying off my loan 18 months early."

"The early settlement fee was R1,800 — still much less than the interest I would have paid."

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